Legal Updates
3 Million More BSC Shares Purchased by JPMorgan
Wednesday, April 09, 2008
A Securities & Exchange filing made public on April 9, 2008 revealed that JPMorgan Chase & Co. (JPM) obtained almost 3 million additional shares of Bear Stearns Cos. (BSC) stock in the open market on April 8, 2008. This new acquisition gives JPMorgan a 47.4% stake in Bear Stearns. The…
Bear Stearns & JPMorgan Finalize Share Exchange
Tuesday, April 08, 2008
On April 8, 2008, Bear Stearns Cos. (BSC) completed its share exchange with JPMorgan Chase & Co. (JPM). Under the terms of the agreement, JPMorgan purchased 95 million newly issued shares of Bear Stearns common stock, or a 39.5% stake in the company, in exchange for an estimated 20.7 million…
Blackrock’s Role In Bear Stearns Bailout Questioned by Waxman
Monday, April 07, 2008
On April 7, 2008, Rep. Henry Waxman (D-Calif.) hinted at his discontent at the no-bid contract granted to BlackRock Financial Management to help assess and supervise Bear’s portfolio. Additionally, other lawmakers have made their concerns noted about the recent bailout of Bear Stearns. In an April 7, 2008 letter to…
Bear Buyout Risky Move
Thursday, April 03, 2008
If the Federal Reserve did not agree to billions of potential losses, JP Morgan Chase Chief Executive Jaime Dimon said his bank would not have offered to purchase Bear Stearns. In prepared testimony to a Senate committee looking into the March rescue of Bear Stearns (BSC), Dimon also said the…
Bernanke: Fed Needed to Rescue Bear Stearns
Wednesday, April 02, 2008
On April 2, 2008, Fed Chairman Ben Bernanke said the U.S. Federal Reserve saw no choice but to orchestrate a dramatic rescue of Bear Stearns last month after the investment bank warned bankruptcy was imminent. In a speech to the congressional Joint Economic Committee, Bernanke sought to explain the U.S.…
Schwab YieldPlus Bond Fund Tumbles 9.9% in March 08
Tuesday, April 01, 2008
The Charles Schwab YieldPlus Fund plunged 9.9% during March 2008, the most among peers sold as alternatives to low-risk money-market accounts, as subprime-bond losses infected home loans to borrowers with better credit. The $4.9 billion fund, managed by a five-member team at Charles Schwab Corp., seeks to generate ``high current…
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